On May 4th, 2011, gold reached an all time high of $1541 per troy ounce, along with silver skyrocketing to a recent high of $48.70 per once. After a traumatic week for the precious metals markets, gold has fallen almost 5%, while silver has driven off a cliff, dropping by a staggering 30%.
Lots of factors go into global commodities prices, so it is difficult to be sure what exactly drove the price down so sharply. However, it is clear that the market has responded to events in recent news. Perhaps investors are regaining faith in the U.S. government due to the capture of Osama bin Laden.
You may have missed the peak of the market, but not the boat! It’s not too late to sell your broken and unwanted jewelry before the bottom of the market.